{"id":56322,"date":"2023-07-21T23:05:27","date_gmt":"2023-07-21T23:05:27","guid":{"rendered":"http:\/\/egrowonline.com\/?p=56322"},"modified":"2023-07-21T23:05:27","modified_gmt":"2023-07-21T23:05:27","slug":"bitcoin-bulls-have-work-to-do-after-xrp-price-spikes-104","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=56322","title":{"rendered":"Bitcoin bulls \u2018have work to do\u2019 after XRP price spikes 104%"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) consolidated near $31,000 on July 14 after a classic short squeeze sparked new yearly highs.<\/p>\n

BTC\/USD 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC liquidates $50 million shorts in new squeeze<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC price movements returning to cement support after rapid gains the day prior.<\/p>\n

Already tipped for a trip higher<\/a>, Bitcoin reacted instantly to news that a United States judge had supported the idea that altcoin XRP (XRP<\/a>)\u00a0was not a security<\/a>.<\/p>\n

This was taken by markets as a blow to regulator the Securities and Exchange Commission (SEC), which in recent months had sought to label altcoins as securities en masse.<\/p>\n

XRP\/USD immediately spiked by over 100%, almost touching the $1 mark before returning to trade near $0.80 at the time of writing. The last time that such levels formed part of the chart was in April 2022.<\/p>\n

XRP\/USD 1-week chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin, while considerably more muted, still managed to liquidate $50 million of shorts, according to data from monitoring resource CoinGlass<\/a>.<\/p>\n

BTC\/USD liquidations chart (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

While Cointelegraph reported that bears may still be able to get the upper hand<\/a> around the weekly options expiry, on the day, traders were cautiously optimistic.<\/p>\n

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$BTC<\/a> Aggregate CVDs & Delta
Confluence with market data ~ aggressive short squeeze & covering <\/p>\n

Strong spot bid as well, want to see LTF dips bought by spot pic.twitter.com\/XrwJpM6XOV<\/a><\/p>\n

\u2014 Skew \u0394 (@52kskew) July 14, 2023<\/a><\/p><\/blockquote>\n

\u201cBitcoin failed to breakout overnight and could be falling back into the range here,\u201d popular trader Jelle wrote<\/a> in his latest social media update.<\/p>\n

\u201cWaiting to see how this 4h candle turns out, but bulls have some work to do. A bit of a push, and we can have a lot of fun this weekend.\u201d<\/p><\/blockquote>\n

Fellow trader Crypto Tony voiced frustration at the lack of a clear breakout from Bitcoin\u2019s long-established trading range.<\/p>\n

\u201cRejecting from the range high so no entry for us to just yet on Bitcoin .. Waiting for a solid flip before we get into this,\u201d he told<\/a> Twitter followers, adding that he \u201cwould be disappointed if BTC doesn’t flip.\u201d<\/p>\n

BTC\/USD annotated chart. Source: Crypto Tony\/Twitter<\/em><\/figcaption><\/figure>\n

Altcoins now due \u201cmega-run\u201d<\/h2>\n

Meanwhile, XRP staging a comeback formed the background to a snap drop in Bitcoin market cap dominance.<\/p>\n

Bitcoin market cap dominance chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Related:\u00a0Will Bitcoin catch up? BTC price was $40K when the dollar was previously this weak<\/a><\/em><\/strong><\/p>\n

The largest cryptocurrency previously constituted almost 52% of the total, dropping below 50% overnight to near one-month lows.<\/p>\n

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That did not take long.<\/p>\n

Let’s see how $ALTS<\/a> do once everything settles down a bit. https:\/\/t.co\/ABBGid4MWL<\/a> pic.twitter.com\/VhRUHqgL9O<\/a><\/p>\n

\u2014 Daan Crypto Trades (@DaanCrypto) July 13, 2023<\/a><\/p><\/blockquote>\n

Traders had already hoped that Bitcoin would cool its increasing dominance presence to allow altcoin markets to make gains of their own as part of a broader crypto bull market.<\/p>\n

\u201cGood things come to those who wait,\u201d trader Moustache summarized on the day, predicting that the altcoin boom would still go ahead.<\/p>\n

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#Altcoins<\/a><\/p>\n

Altcoins are preparing for a mega-run imo.<\/p>\n

I’ve been sharing this chart for a few months now and everything is going according to plan. <\/p>\n

It’s just a waiting game.<\/p>\n

Good things come to those who wait. https:\/\/t.co\/OM2dKtbENW<\/a> pic.twitter.com\/DkasZSkE3t<\/a><\/p>\n

\u2014 \u24d7 (@el_crypto_prof) July 14, 2023<\/a><\/p><\/blockquote>\n

Collect this article as an NFT<\/a><\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n

Magazine: Should you \u2018orange pill\u2019 children? The case for Bitcoin kids books<\/a><\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n


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Bitcoin (BTC) consolidated near $31,000 on July 14 after a classic short squeeze sparked new yearly highs. BTC\/USD 1-day chart. Source: TradingView BTC liquidates $50 million shorts in new squeeze Data from Cointelegraph Markets Pro and TradingView showed BTC price movements returning to cement support after rapid gains the day prior. Already tipped for a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[50,211,195,1579,348,58],"class_list":["post-56322","post","type-post","status-publish","format-standard","hentry","category-market-analysis","tag-bitcoin","tag-bulls","tag-price","tag-spikes","tag-work","tag-xrp"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56322"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56322\/revisions"}],"predecessor-version":[{"id":56323,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/56322\/revisions\/56323"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56322"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}